Notes: Standard errors reported in parentheses are clustered at the area and date level. Each column in the table represents a separate regression. The dependent variable is the standardized matriculation exam score. The independent variable in the first row is the number of Israeli fatalities from a terror attack in the student’s area within the four days preceding the exam. The independent variable in the second row is the quadratic term of the number of Israeli fatalities from a terror attack in the student’s area within the four days preceding the exam. The independent variables in the remaining rows are indicators for a terror attack in the student’s area in the four days preceding the exam. The third row refers to terror attacks causing at least one fatality, the fourth row refers to attacks causing more than five fatalities, and the fifth row refers to attacks causing more than ten fatalities. In Columns 3–5 each indicator is analyzed separately. In Column 6 the analysis incorporates all three indicators, such that the third row refers to attacks causing one to five fatalities, the fourth row refers to attacks causing six to ten fatalities, and the fifth row refers to attacks causing more than ten fatalities. All regressions include fixed effects for proficiency level (for both the subject and the exam) and an indicator for a retake exam. The sample comprises all 12th-grade students in the regular Jewish state system who took matriculation exams during the years 2001–2005. *p < 0.10, **p < 0.05, ***p < 0.01.